Business /commercial law revision kit question and answer

(i) Explain the meaning of judicial precedent. (2 marks)
(ii) State two forms of judicial precedents.

ANSWER
(i)

o This is stare decisis
o It is a system of administration of justice whereprevious decisions are relied upon in subsequent similar cases.
o The precedent or earlier decision becomes the source of law for subsequent cases.

(ii)

Original precendent: this is law making precedent. It is the principle or proposition of law as formulated the court.
• Declaration precedent: this is the application of an existing principle of law.
• Binding precedent –the earlier decision binds the court in which it is used.
• Persuasive precedent –the earlier decision is used to persuade the court to decide the case similarly.



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